Overview of China’s Futures Market
China’s futures market traces its modern preparation back to 1988. Over more than three decades of development, it has evolved into a mature, systemically important derivatives marketplace with steadily growing international influence.
As of end-2025, a total of 164 futures and options products have been listed across domestic exchanges, covering agriculture, metals, energy, chemicals, building materials, shipping, and financial derivatives. Eighteen new products were launched during 2025 alone, further filling risk-management gaps along industrial chains and expanding hedging tools for the real economy.
In 2025, the national futures market reached record activity levels, with cumulative trading volume of approximately 90.74 billion lots and cumulative notional turnover of about RMB 766.25 trillion. This growth reflects robust hedging demand amid macroeconomic and policy uncertainties, alongside deepening participation from institutional and corporate clients.
China Securities Regulatory Commission (CSRC)performs unified supervision in accordance with laws and regulations. Upholding a macro-prudential management approach, CSRC is committed to implementing the "Five-Pronged Supervision" framework (institutional, conduct, functional, penetrating, and continuous supervision), aiming to strengthen risk prevention and promote the high-quality development of the futures and derivatives market.
Securities Regulatory Bureaus,the subsidiaries of CSRC by provincial location, are directly governed by CSRC aiming in assisting CSRC in regulating China Futures Market in unified and centralized manner.
China Futures Association (CFA),a national non-profit self-disciplinary organization of China futures industry, under the premise of centralized and unified supervision and management of the futures industry, implements futures industry self-discipline management.
China Futures Market Monitoring Center (CFMMC),established under the approval of the State Council and CSRC. It serves as the unified platform for account opening, margin security monitoring, and market operation surveillance. Legally mandated by the Futures and Derivatives Law, the CFMMC also operates the Derivatives Trade Repository, enabling comprehensive "penetrating supervision" across both exchange-traded and OTC derivatives markets to safeguard market stability.
China Futures Exchangesprovide venues and facilities for centralized trading, organizing and supervising markets while implementing self-regulatory management. China now has six futures exchanges: Shanghai Futures Exchange (SHFE), Zhengzhou Commodity Exchange (ZCE), Dalian Commodity Exchange (DCE), China Financial Futures Exchange (CFFEX), Shanghai International Energy Exchange (INE), and Guangzhou Futures Exchange (GFEX).
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CFFEXChina Financial Futures Exchange (“CFFEX”) is a demutualized exchange established with the approval
of the State Council and CSRC and is dedicated to financial derivatives trading and settlement. On
September 8, 2006, Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity
Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange established CFFEX in Shanghai.
Top listed futures: CSI 300 Index Futures, CSI 500 Index Futures, CSI 1000 Index Futures, SSE 50 Index
Futures, 2-year / 5-year / 10-year / 30-year Treasury Bond Futures. Listed options: CSI 300 Index Option,
CSI 1000 Index Option, SSE 50 Index Option.
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DCEFounded on February 28, 1993, Dalian Commodity Exchange (“DCE”) is one of the four futures exchanges upon the approval
of the State Council, and also the only futures exchange in Northeast China. After more than 20 years of standardized
operation and steady development, DCE has become an important futures trading center in China and the world’s largest
futures trading market of agricultural products, plastics, coal and iron ore.
Top listed futures: iron ore, coke, coking coal, linear low density polyethylene (LLDPE), polyvinyl chloride (PVC), No.1 soybean,
No.2 soybean, soybean meal, soybean oil, palm oil, corn, and corn starch.
Listed options: soybean meal, corn, iron ore, LLDPE, PP, PVC, palm oil, etc.
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SHFEShanghai Futures Exchange (“SHFE”) is a futures exchange under the uniform regulation of China
Securities Regulatory Commission (“CSRC”). Currently, there are over 20 futures products listed on
SHFE, including copper, aluminum, zinc, lead, nickel, tin, gold, silver, steel rebar, wire rod, hot rolled
coil, crude oil, low-sulfur fuel oil, fuel oil, bitumen, natural rubber, TSR 20, synthetic rubber, paper
pulp, and cast aluminum alloy, etc. The copper futures listed on SHFE has become one of the three
most influential copper futures markets in the world.
Listed options: copper, aluminum, zinc, gold, silver, natural rubber, crude oil (via INE), steel rebar,
lead, nickel, tin, etc.
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ZCEWith the approval of the State Council, Zhengzhou Commodity Exchange (“ZCE”) was established as China’s first
pilot futures market in October 1990 and is directly governed by CSRC. ZCE currently lists a wide variety of products,
covering crucial fields of national economy such as grain, cotton, oil, sugar, fruit, energy, chemical, textile, metallurgy,
and construction materials.
Representative futures include: PTA, rapeseed meal, cotton, cotton yarn, white sugar, methanol, common wheat,
strong gluten wheat, rapeseed, rapeseed oil, and thermal coal.
Listed options: white sugar, cotton, PTA, methanol, rapeseed meal, thermal coal, glass, pure alkali, short fiber,
peanut, etc.
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INERegistered on November 6, 2013 and approved by the China Securities Regulatory Commission, Shanghai
International Energy Exchange Co., Ltd. (“INE”) as a subsidiary of the Shanghai Futures Exchange is an
international exchange for global futures investors. In accordance with the Company Law, the Regulations
on the Administration of Futures Trading and relevant rules and regulations prescribed by the CSRC, INE
fulfills the futures market self - regulatory function. INE operates the listing, trading and settlement affairs
of energy derivatives including crude oil, natural gas, petrochemicals, etc.
Listed futures: crude oil, low-sulfur fuel oil, TSR 20 (natural rubber), BC copper (international copper), and
SCFIS Europe (container freight index). Listed option: crude oil option.
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GFEXGuangzhou Futures Exchange (“GFEX”) is the fifth exchange established with the approval of the State
Council and CSRC. On April 19, 2021, Shanghai Futures Exchange, Zhengzhou Commodity Exchange,
Dalian Commodity Exchange, China Financial Futures Exchange, Ping An Insurance (Group) Company
of China, Ltd. Guangzhou Finance holdings, Guangdong the Pearl River Investment Holding Group Co.,
Ltd and Hong Kong Exchanges and Clearing Limited established GFEX in Guangzhou.
Being the first mixing ownership exchange, GFEX is established with an aim of strengthening the
multilevel capital market and developing the financial derivatives market.
Top listed futures: silicon metal, lithium carbonate, polysilicon, platinum, palladium.
Listed options: silicon metal, lithium carbonate, polysilicon, platinum, palladium.
